Higher oil prices would support Nigeria’s economic recovery in 2018 - IMF

-
The International Monetary Fund (IMF) has said Nigeria’s economy might be on the path of recovery should there be a boom in oil prices.
The IMF in its annual Article IV review of Nigeria’s economy said a ‘muddle-through’ outlook is projected for the medium term under current policies, with fiscal dominance and structural constraints leading to continuing falls in real GDP per capita.
“Higher oil prices would support a recovery in 2018 but a ‘muddle-through’ outlook is projected for the medium term under current policies, with fiscal dominance and structural constraints leading to continuing falls in real GDP per capita,” the IMF said.

The role of 2019 general election

The IMF report also identified risks to growth including additional delays to implementing policies and reforms ahead of 2019 elections.
The report further said should the oil prices witness a price fall, the economy will witness capital flows reversed.
“Further delays in policy action -- including because of pre-election pressures -- can only make the inevitable adjustment more difficult and costlier,” the report said.

Comments

Post a Comment

Popular posts from this blog

Ben Enwonwu's legendary 'African Mona Lisa' painting smashes estimates with $1.7 million price

-
Image
  A long-lost portrait of a Nigerian princess dubbed the "African Mona Lisa" sold at auction in London on Wednesday for £1.2 million (1.4 million euros, $1.7 million), exceeding estimates and setting a record for the artist. The 1974 painting of Adetutu "Tutu" Ademiluyi, by Nigerian artist Ben Enwonwu, was expected to fetch up to £300,000 (339,000 euros, $414,000) when it went under the hammer at Bonhams auction house. It described the painting of an Ife royal princess which recently turned up in a London flat after not being seen in decades as "rare and remarkable". "The portrait of Tutu is a national icon in Nigeria, and of huge cultural significance," said Giles Peppiatt, Bonham's director of modern african art. He uncovered the work after a family in north London contacted him following lucrative recent sales of Nigerian artworks at auction.   Peppiatt added the family were "pretty astounded" to le...
Read more

FINALCE

-
Image
RBS CFO: 'It’s inevitable that there will be further job cuts'     ewen stevenson large (Royal Bank of Scotland) LONDON — Royal Bank of Scotland's chief financial officer has said it is "inevitable" that there will be more job cuts at the government-owned lender. Ewen Stevenson told Bloomberg TV: "It’s inevitable that there will be further job cuts, but we are not going to talk publicly about figures." Stevenson said job losses were coming as part of the bank's digital transformation plan, announced last week. RBS announced a £2.5 billion restructuring plan last week that Stevenson told Bloomberg would create "a better bank in 2020, a better bank equipped for digitization." RBS's staff numbers fell 8.5% last year to 71,200 and many banks are cutting headcount as customers move online, leaving branch networks overstaffed. Antony Jenkins, the former CEO of Barclays, predicted in late 2015 that Uber-style ...
Read more

John Oliver has been sued by the coal baron he tried to take down, which he predicted would happen

-
Image
    ("Last Week Tonight with John Oliver."HBO) The coal magnate Robert Murray has filed a lawsuit against John Oliver, HBO, Time Warner, and the writers of Oliver's show over the most recent episode of "Last Week Tonight," The Daily Beast reports. In a segment on the show, Oliver took on Murray's business practices and the safety hazards of the coal industry at large. Murray — who runs Murray Energy Corporation, the largest private coal company in the country — filed the suit Wednesday. It says Oliver's program "executed a meticulously planned attempt to assassinate the character of and reputation of Mr. Robert E. Murray and his companies." In the segment, Oliver called Murray a "geriatric Dr. Evil" because of Murray Energy's weakened safety practices, which Oliver contended led to a collapse in one of Murray's Utah mines that killed nine workers in 2007. Oliver predicted during the segment on Sunday that th...
Read more